Atlanta, Ga. – The University System of Gerogia (USG) has selected Corvias Campus Living to develop, construct, manage and maintain student housing in the first phase of a public-private partnership.
Phase 1 will include 3,683 new beds and 6,195 existing beds totaling approximately 3 million square feet across nine of the USG’s 31 campuses.
Highlights of Corvias’ P3 model includes: Performance-based fees; a reinvestment account that is projected to exceed $2 billion over the life of the partnership that will ensure that all facilities are left in good condition at the end of the 65-year program; $5.6 million of up-front funding for capital repairs and renovations to take place in the first year on existing housing; and the hiring of seven Georgia-based architecture, engineering and construction firms, and future state-based subcontractors.
The partnership represents a unique approach in student housing because it is the first time a state system has initiated the privatization of student housing through a portfolio of campuses, Corvias says.
Under the agreement, Corvias will construct 3,683 new beds across seven of the nine privatized campuses. According to the company, each development program will be tailored to the needs of each individual school to allow each campus to attract, educate, retain and graduate a growing number of students. This includes design that supports long-term flexibility of use and student engagement with a focus on affordability without sacrificing quality.
Corvias will also be responsible for managing the operations of the new housing facilities, as well as the 6,195 existing beds for the duration of the 65-year partnership.